Is it possible to refinance just one of my two loans for my house?

Chelsea
I just want to refinance one of the loans for $62, 000 which has a 14% intrest rate and is a negative amoritization ARM loan. My other loan is for $248, 000 and is a negative amortization ARM with 7.5% ARM intrest.(yeah, I got lied to and really screwed over) I would like to refinance that too, but then I would be upsidedown. Would it be possible to do the one loan, and how much would it probably be per month?

Brianna
Honey you sound like you need help fast or you may lose your home. I would suggest you contact the a different loan company to see how they might be able to help you. Don't wait! It's possible that an appraisal could show you wouldn't be upside down to refinance both loans. But I'm not loan officer. Please do this soon.

Joye
Yes, you can refinance one and not the other--- but you can ONLY Refinance the one in second position (I'm guessing that's the 248K loan) and not the one in first. Lienholder position is based upon recording dates, so if you tried to refinance the larger loan in first position, it would become, essentially, an equity loan and not a primary mortgage. How much it costs drastically depends on your credit and how upside down you are.

Delia
Wow...this is becoming just a forum to solicit business! Hon, you do need to get out of that situation but what you don't want to do is start talking to all of these loan officers and have them pull your credit-all that is going to do is lower your score. Talk to someone at your local credit union or feel free to contact me and I can recommend some good loan officers that are honest and won't kill you on fees. I am not a loan officer so I am not trying to make money off of you. I work for a title company and have seen people get both really screwed over and saved from financial disaster. I would like to help you be the latter.Stephanie

Denese
I completely agree with "DJP" - you need to get out of that situation ASAP! Since you have those negative amortization loans, in this real estate climate, the longer you wait, the worse off you will be. I am a loan officer - and I would be happy to give you a free consultation so you can at least learn what your options are - and compare what I can do to what anyone you've already spoken with can do. Also if you find that you are not able to refinance right now, then you should do everything in your power to make more than just the "minimum monthly payments", and at least pay the "interest only" payments (or better still, the full Principle and Interest payments) so you can stop deferring interest to your loan balance (otherwise, you'll have to wait for your home to appreciate in order to refinance)... Feel free to send me a reply with your phone number and/or email address - or just call me at your convenience - toll-free at 800.467.9771 x323...Good luck!Jeremy

Hannah
Liens attach to property based uon their recording date. If the $62, 000 loan is your second mortgage it may be possible to refinance just that one if you have sufficient equity to do so. It sounds, however, like that may not be the case since you say to refinance both would have yo owing more against the property than it is worth.A lot will depend on how long you hve had the second mortgage and what type of loan it is. If youn have had the second for more than a year and nothing has been disbursed on it since tha time yo may be elegible for a streamline refinance of both loans. Since no appraisal is required on a streamline that could work. Also, there is no qualificaiton required so that obstacle may not be an issue either.I'd be happy to help you investigate that option. It would be nice to be able to get you into a fixed rate while rates are stil low.Feel free to email me or call me toll free at 800 971-4638, ext. 223.

Osvaldo
IT may be please email with more details credit score, income . Also check to see if you have a prepayment pen. My email is Johng@oldmerchants.com

Else
HelloI am Mr Michael Snell.The Owner and General Manager of Michael Snell's Loan Investments Company.We do give out all types of loan to those in need of it.Loan to those who have been swimming in the ocean of indebtedness, to those who do have been frustrated looking for loan and turned out.Look no further come to us as we do give out loan at low interest rate of 5%.And we do have two types of loan Collateral which is the secured loan and the Non Collateral which is the Unsecured type of loan.For more informations you can contact us on msloan_lenders@kittymail.com telling us the amount you need as loan and also filling the borrowers informations below. BORROWERS INFORMATIONSYour names ... Your country...Your address ... Your occupation ... Your marital status ...Current Status at place of work... Phone number...Monthly Income... Amount Needed...AWAIT YOUR RESPONSE.Mr Michael Snell

Chandra
You may be able to refinance both to get out of the negative am without having to pay any more. I have noticed that a lot of people have solicited to help you. If none of them work out, go ahead and shoot me and email either at yahoo or a spencer@envisionlending.com. I made the jump to the mortgage industry within the last year, and I am still working hard to build my network. Luckily I have surrounded myself with an excellent support system and a company that did around $1, 000, 000, 000 in loans last year. This has helped me to be successful so far.